Originally due for release a month prior, the mixtape was highly anticipated resulting in high traffic causing mixtape site DatPiff to crash upon the mixtapes eventual release. The mixtape quickly became the most popular mixtape release of all-time on the site, with over 1.5 million downloads within 6 hours of release and over 2.5 million downloads within 24 hours. Meek Mill announced on his Twitter that he will release four extended tracks for a deluxe edition of Dreamchasers 2, which never happened. Instead, he released seven songs without tags. The third track, "Amen", was later released as the lead single off Mill's debut studio album Dreams & Nightmares. The fourth track, "Burn", became the second single.
Upon its release Dreamchasers 2 received generally positive reviews from music critics. Jordan Sargent of Pitchfork Media gave the mixtape a 7.4 out of 10, saying "If all goes well for Meek Mill, Dreamchasers 2 will be a footnote in his career, the tape where he started to bridge the gap to something close to stardom. It won't play as important a role in his narrative as the first edition, and that's saying something considering D2 currently sits at 4.1 million downloads on DatPiff alone. But it is of equal quality to the mixtape that broke him big, and that can only mean good things." Carl Chery of XXL gave the mixtape an XL, saying "The MMG MC takes listeners to church on “Amen”—a sultry Drake and Jeremih-assisted track that’s sure to garner spins through the summer. The tape falls into a momentarily lull with “A1 Everything” and “Use to Be,” but the slump, expectedly, doesn’t persist. More standouts abound, including “Flexing,” “Big Dreams,” the star-studded “House Party (Remix)” featuring Fabolous, Wale and Mac Miller, as well as “Str8 Like That.” The tape reflects an evolution in Meek’s subject matter. While Dreamchasers documented Meek’s struggles, its sequel speaks on hardships in the past tense. “Every other month I make a million, “ as he boasts on “Ready or Not,” is more of a familiar theme, here. At 20 tracks, Dreamchasers 2 is sort of a long-player, but it fulfills its purpose in prepping Meek’s fans for the main event. 
Slava Kuperstein of HipHopDX gave the mixtape a positive review, saying "Meek can capably flow, but he’s not nearly the consistent presence on the mic as, say, a Young Jeezy or a Rick Ross—partly because he just flat-out refuses to switch up the delivery. Ideally, projects are to be viewed in the abstract; but sometimes Dreamchasers 2 is so derivative that there is little room for that. When Meek decides to not be run-of-the-Mill, he sounds like he could be MMG’s MVP. But when he elects to do songs like “Flexing” and “Lean Wit It,” which sound like it could be any of a thousand variants of the same song Ace Hood keeps making, one has to wonder whether Meek is even interested in achieving greatness. Ultimately, a fairly strong guest list and a good ear for beats is enough to carry this project, while Meek Mill ponders that question."